Suppose improvements in technology cause the supply of natural gas to increase and at the same time the demand for natural gas increases. What are we sure of?
A. equilibrium price decreases
B. equilibrium quantity increases
C. both equilibrium price and quantity increase
D. equilibrium quantity decreases
E. equilibrium price increases
B. equilibrium quantity increases
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The market for toothpaste is a good example of perfect competition.
Answer the following statement true (T) or false (F)
Which economic concept is illustrated by the saying "You can't have your cake and eat it too"?
a. Private property rights b. Economic freedom c. Scarcity d. Opportunity cost e. Gains from trade
Which of the following describes a trade deficit?
a. Exports plus imports b. Exports divided by imports c. Exports multiplied by imports d. Exports exceed imports e. Imports exceed exports
Economists are generally in support of:
A) government restrictions on trade. B) free international trade. C) tariffs to restrict trade. D) subsidizing exports.